MANUKA RESOURCES LTD. — Interim / Quarterly Report 2024

Apr 29, 2024

ASX Announcement 30 April 2024

ASX: MKR

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March 2024 Quarterly Activities Report

Manuka Resources Limited (“ Manuka ” or the “ Company ”) is pleased to provide the following report on its activities during the quarter ending 31 March 2024.

Highlights

During the Quarter

• The Company investigated the economic and strategic benefits of establishing fit-for-purpose ore processing and gold doré production facility at Mt Boppy.

• Accordingly, the transporting to, and processing of, Mt Boppy ore through the Company’s Wonawinta plant, located 150km south, was placed on hold.

• Results from a sonic drilling program were received improving the confidence level of the Mt Boppy Resource and supporting the development of a longer term mine plan.

• Income from the sale of 201oz gold and 2,487oz silver recovered from Mt Boppy ore, together with funds of A$3.9 million received from a combination of placement and SPP, were used to offset costs associated with the ramp-down of operations and working capital requirements.

Post Quarter End

• The Company announced the results of its Mt Boppy investigations outlining an A$11.6M upfront capital cost and an initial 5-year mine plan to deliver an average EBITDA of A$19M per annum commencing Q4 2024[1] .

• The mine plan was supported by an upgrade in the Mt Boppy Resource which saw Measured and Indicated Resources increase to 82% of the total Resource[2] .

• The Company received A$1.1M from an application made under the Australian Government’s R&D tax incentive scheme for a successful process improvement program undertaken to enhance silver production at Wonawinta. The Company is targeting the release of an updated Reserve Statement for Wonawinta as a standalone silver operation during the current quarter.

• The Company was specifically invited to submit an application for the world-class Taranaki VTM Iron Sands Project to be included as a Listed Project within New Zealand’s Fast Track Consenting Bill, legislation to streamline decision making and facilitate the delivery projects with significant regional or national benefits.

1 ASX release 15 April 2024

2 ASX release 16 April 2024

Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000 ABN 80 611 963 225 Tel 02- 7253 2020 www.manukaresources.com.au

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Dennis Karp, Manuka’s Executive Chairman, commented:

“The March quarter has been one of transition and one that has seen the Company decisively pivot its strategy toward a staged, self-sustaining growth plan.

Manuka Resources is uniquely positioned amongst its ASX peers to leverage buoyant gold and silver markets. In the Mt Boppy and Wonawinta mines, we have a low capex pathway to deliver near term gold and silver production and free cashflow to fund exploration, Resource growth and mine life extension.

Looking further ahead, the invitation to apply for inclusion as a Listed Project within New Zealand’s Fast Track Consenting Bill provides line of sight on the progressing of our world-class Taranaki VTM Iron Sands Project

We are looking forward toward the next quarter and next 12 month with great optimism and confidence that our strategy will deliver results for our shareholders.”

Background

Manuka Resources Limited (“ Manuka ” or the “ Company ”) an is ASX listed producer, developer and explorer with a 100% interest in two precious metal mines located in the Cobar Basin NSW and a world-class VTM Iron Sands Resource located in New Zealand.

The Company is pursuing a staged growth strategy that is initially focused on gold and silver production and free cash flow generation from its NSW assets.

Operations

During the quarter, operations at Mt Boppy, and the associated processing of Mt Boppy ore at Wonawinta, were placed on hold whilst the Company assessed the economic and strategic benefits of establishing fit-for-purpose ore processing and gold doré production facility at Mt Boppy and finalised a sonic drilling program to enhance confidence in the Mt Boppy Resource.

A total 201oz gold and 2,487oz silver recovered from Mt Boppy ore during the previous quarter was sold during the quarter, generating A$724K of revenue (Table 1).

Table 1: Production Summary

Summary	Unit	March Quarter	Financial Year (YTD)
Tonnes Milled	t	-	136,728
Gold in Circuit	oz	-	-
Gold Recovered	oz	-	4,835
Gold Sold	oz	210	4,835
Silver Sold	oz	2,487	26,387
Revenues	A$’000	758	15,475

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Sonic Drilling Program

The Company most recently produced gold by screening rock dump and tailings material at the Mt Boppy ROM over the period May to December 2023. A decision was taken to halt operations to allow for the derisking of the grade distribution ahead of mining the Boppy Main Waste Rock Dump and Dry Tailings.

A 26-borehole sonic drilling evaluation was completed on the Boppy Main Waste dump and the TSF3 impoundment including Potential Acid Forming (PAF) material overlying part of the tailings (Figure 1). The sonic evaluation drilling has enabled sampling of the full profile of the rock and tailings dumps, and thus assessment of the economic viability of treating crushed and screened rock dump fines and tailings on site at Mt Boppy.

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Figure 1: Drone image looking south showing the main components of the Rock Dump and Tailings Resources in relation to the Mt Boppy open pit.

Updated Mineral Resource Estimate for Mt Boppy

As result of the sonic drilling program, Manuka was able to release an updated and enhanced Mineral Resource Statement for Mt Boppy (post quarter end) that saw Measured and Indicated Resource increase to 82% of the total Resource[3] (Table 2).

Importantly, a high-grade sub-component of the Resource measuring 1.8Mt at 1.74 g/t and was identified as the basis for developing an updated mine plan for Mt Boppy.

Mt Boppy was previously one of NSW’s richest gold mines having produced ~500,000 oz gold at ~15 g/t since the early 1900’s. The existing open pit extends to a depth of ~70m, with historic underground workings extend a further ~100m. The deposit is open at depth and along strike.

Cash flows generated from production at Mt Boppy will fund aggressive near pit exploration with the aim of identifying high grade ore shoots such as those previously mined.

3 ASX release 16 April 2024

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Table 2 - Mt Boppy Global Resource by Classification

Resource Classification	Tonnes	Grade	Contained	Contained
	kt	g/t Au	koz	%
Measured	107	5.25	18.0	11%
Indicated	3,127	1.16	116.5	71%
M+I Sub Total	3,233	1.29	134.5	82%
Inferred	1,046	0.87	29.4	18%
Total	4,279	1.19	163.9	100%

Updated Mt Boppy Mine Plan and Production Strategy

On the back of the successful sonic drilling program and updated Mineral Resource, the Company finalised its updated mine plan and economic assessment of Mt Boppy on the basis of installing for-purpose ore processing and gold doré production facility on-site.

Highlights of the assessment include[4] :

• Low Upfront Capital Cost of A$11.6M (including contingency)

• First gold doré production in the December Quarter of 2024

• Initial 5-Year Mine Plan

• ~ 48,000oz of gold produced in doré over the initial Mine Plan

• Forecast AISC of US$1,060/oz gold

• High operating margin, delivering an average Annual EBITDA of A$19M

• Pre-tax IRR = 155%

Indicative Timeline	Q2 24	Q3 24	Q4 24
Sonic Drilling and MRE Update
Relocate Generators from Wonawinta
New Tailings Dam Construction
Purchase/Transport/Installation of Plant & Equipment
Relocate Elution/Recovery Units from Wonawinta
Mt Boppy Plant Site works
Fleet Mobilisation and Mining
Mt Boppy Plant Commissioning/Production

4 ASX release 15 April 2024

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Wonawinta Silver Project

Previously Australia’s largest primary Silver Mine, Wonawinta produced approximately 3Moz silver from 2012 to 2013. Most recently, the process plant at Wonawinta has been used to process ore from the Mt Boppy Mine located 150km to the north.

Between October 2022 and February 2023, a limited trial campaign of silver production at Wonawinta was undertaken by the Company. During the trial period, the Manuka completed a series of modifications and innovations to the Wonawinta processing facility including the introduction of a deslime circuit to remove deleterious fine clays from the ore and increase feed grade into the CIL circuit.

Metallurgical test work, confirmed by production data, saw an uplift in silver feed grades to the leach circuit by up to 100%. Higher grades and lower clays increased silver loadings onto carbon. The improvements and innovations achieved were material leading to an increase in throughput to >1.0Mtpa of material through the plant (from nameplate capacity of 850Ktpa),

During the quarter, the Company successfully applied for a A$1.07M rebate under the Australian Government’s R&D tax incentive scheme in respect to the performance improvement program at Wonawinta. Funds from the rebate were received after the end of the quarter.

The Company is targeting the release of an updated Reserve Statement for Wonawinta as a standalone silver operation during the current quarter with a view to restarting silver production in 2025 with the support of cashflows from Mt Boppy.

The project has a total Resource of 38.3Mt at 41.3g/t Ag for 51Moz including a higher-grade component of 4.5Mt at 97g/t Ag for 14Moz[5] . Additionally, the Wonawinta deposit, a Mississippian Valley Type (“ MVT ”) deposit, is prospective down dip for Lead and Zinc as evidenced by proofof-concept drilling completed in 2021[6] .

Taranaki VTM Iron Sands Project

Manuka’s via its wholly owned subsidiary, Trans-Tasman Resources Limited (“ TTR ”) hold a 100% interest in the Taranaki VTM Iron Sands Project. Located in offshore within New Zealand’s Exclusive Economic Zone, the project comprises a 3.2Bt Resource[7] at 10.17% Fe2O3, 1.03% TiO2 and 0.05% V2O5 (1.6Mt V2O5), ranking it as one of the largest drilled vanadium projects globally, and a granted mineral mining permit permitted the production of 5Mtpa.

During the quarter, the recently elected New Zealand government introduced, as part of its 100 day plan, the Fast Track Consenting approvals bill (“ the Bil l”) with the objective of providing a streamlined decision-making process to facilitate the delivery of natural resource and infrastructure development projects with significant regional or national benefits Post quarter end, the Company was specifically invited to submit an application for the world-class Taranaki VTM Iron Sands Project to be included as a Listed Project within the bill.

An advisory group has been established by the Government to make recommendations to the relevant Ministers, who will then make decisions on what projects to include in the Bill. These projects will be added to the Bill either through the Environmental Select Committee process or later in the Parliamentary process. The Company is currently preparing an application for the Taranaki VTM Project to be included in the Bill.

5 ASX release 1 April 2021 6 ASX release 1 June 2021

7 ASX release 1 March 2023

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Mining Development Activities

In accordance with ASX Listing Rule 5.3.1 cash outflows for the quarter in relation to exploration development activities were $0.049 million (refer items 1.2(a) and 2.1(d) of the Appendix 5B). The cost where primarily related to the completion of the sonic drilling program.

Mining Production Activities

In accordance with ASX Listing Rule 5.3.2 cash outflows for the quarter in relation to mining production and development activities were $1.027 million (refer Item 1.2(b) & 1.2(c) of the Appendix 5B) and comprised the following:

• Crushing contractors $0.32 million • Hauling contractors $0.48 million • Processing $0.22 million

Cashflow and Hedging

During the quarter, the Company realised A$734K revenue from the sales of 201oz gold and 2,487oz silver recovered from Mt Boppy during the previous quarter. Net operating cashflow for the period was (A$3.03M).

The Company did not have any open hedge contracts as at 31 March 2024.

During the quarter, the Company issued, or agreed to issue 99.76 million shares, to raise A$3.9M for working capital purposes and the conversion of A$3.1M payable principal and interest into equity. Securities requiring shareholder approval, as detailed in the 29 February 2024 Notice of Meeting were approved at an EGM held on 2 April 2024.

The principal amount outstanding at Quarter end to the Company’s senior secured lender, TransAsia Private Capital (TA) was US$8.0 million and as advised in the previous Quarterly, has been extended for repayment on 30 September 2024.

Total borrowings as at 31 March 2024 were A$27.65 million. Unused facilities available at Quarter end were A$2.022 million and the cash balance was $40,254.

In accordance with ASX Listing Rule 5.3.3, during the quarter, the Company made cash payments of $0.123 million to related parties and their associates (refer items 6.1 and 6.2 of the Appendix 5B). This was the aggregate amount paid to the directors including salary, directors’ fees, consulting fees and superannuation.

This announcement has been approved for release by the Board of Manuka Resources Limited.

For further information contact:

Dennis Karp Media Contact Executive Chairman Ben Henri Manuka Resources Limited M+C Partners Tel. 02- 7253 2020 Tel. 0473 246 040

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Mining Tenements

The following information is provided pursuant to Listing Rule 5.3.3 for the quarter ended 31 March 2024.

Wonawinta Silver Project tenements are located approximately 90km to the south of Cobar, NSW, and comprises one (1) granted mining lease and seven (7) granted exploration licences as below, plus processing plant and associated infrastructure.

Tenement	Percentage held / earning	Change during Quarter
ML1659	100%	-
EL6482	100%	-
EL7345	100%	-
EL6155	100%	-
EL6302	100%	-
EL7515	100%	-
EL6623	100%	-
EL8498	100%	-

Mt Boppy Gold Project tenements are located approximately 45km east of Cobar, NSW, adjacent to the Barrier Highway. The Project comprises four gold leases, two mining leases, one mining purpose lease and one exploration licence which encompasses the MLs and extends the project area to the south.

Tenement	Percentage held / earning	Change during Quarter
GL3255	100%	-
GL5836	100%	-
GL5848	100%	-
GL5898	100%	-
ML311	100%	-
ML1681	100%	-
MPL240	100%	-
EL5842	100%	-

Taranaki VTM Iron Sand Project tenements are located offshore in the South Taranaki Bight of the North Island, New Zealand. Tenements acquired as a result of the acquisition of TTR (ASX 11 November 2022) comprise one granted mining permit and one granted exploration permit.

Tenement	Percentage held / earning	Change during Quarter
MMP55581	100%	-
MEP54068	100%	-

There were no tenements disposed of during the Quarter.

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About Manuka

Manuka Resources Limited (ASX: MKR) is an Australian mining and exploration company with key gold and silver assets located in the Cobar Basin, central west New South Wales and offshore vanadium bearing iron sands in the South Taranaki Bight of New Zealand. These projects include:

The Mt Boppy Gold Mine (Cobar Basin, NSW)

The Mt Boppy gold mine is located 43 km east of Cobar, in the Central West region of New South Wales. The current Mt Boppy Mineral Resource[8] is estimated at 4.3Mt at 1.19 g/t Au and comprises a mix of oxidised and transitional/fresh in-ground mineralisation, mineralised rock dumps and mineralised tailings.

The Company has to date processed its stockpiles and gold mineralised waste product through its Wonawinta plant. Manuka are currently pursuing a strategy of establishing of a fit-forpurpose, on-site crush-screen-mill-float facility to enhance the economics of the Mt. Boppy Mine and the value of near-mine prospects. The Mt Boppy site includes a 48-person mine camp and is fully permitted for the proposed processing plant and on-site production.

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Mt Boppy Gold mine

The Wonawinta Silver Mine (Cobar Basin, NSW)

Previously Australia’s largest primary silver producer, Wonawinta produced approximately 3 million ounces of silver during 2012-2013, and an additional 500,000oz of silver in 2022. The mine hosts a significant Resource[9] - including stockpiles and shallow oxide material, Wonawinta contains total Resources of 38.8 million tonnes at 42 g/t Ag for 52.4 million ounces. Within this there is a higher-grade component of 4.5 million tonnes at 97 g/t Ag for 14 million ounces. The Wonawinta processing plant has a nameplate capacity of approximately 850,000 tpa. The Company is reviewing the potential of recommencing operations at Wonawinta, taking advantage of the strengthening silver price environment.

8 ASX release 16 April 2024

9 ASX release 1 April 2021

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Wonawinta Silver Mine

The Taranaki VTM Project (South Taranaki Bight, New Zealand)

Manuka is the 100% owner of the Taranaki VTM (vanadium titanomagnetite) Iron Sands Project . The Project sits in the lowest quartile of the iron ore production cost curve.

The Taranaki VTM Project comprises a 3.2Bt Resource[10] at 10.17% Fe2O3, 1.03% TiO2 and 0.05% V2O5 (1.6Mt V2O5) ranking it as one of the largest drilled vanadium projects globally. The Project is located 22 km to 36 km offshore in New Zealand’s EEZ, or Exclusive Economic Zone, outside the 12 nautical limit from the shoreline, in waters ranging between 20 to 50 metres depth and has a granted mining license, MP55581, permitting production of 5Mtpa. On granting of final government approvals to operate the Company will complete its Bankable Feasibility Study on the Project.

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Location of Taranaki VTM Project

10ASX release 1 March 2023

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Compliance Statements

The information in this presentation that relates to previously reported Exploration Results, Exploration Targets, Mineral Resources, Ore Reserves, Production Targets and Financial Forecasts is extracted from the Company’s ASX announcements noted in the text of the presentation and are available to view on the Company’s website. The Company confirms that, other than mining depletion, it is not aware of any new information or data that materially affects the information included in the original announcements and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changes. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially altered.

Important Information

This report includes forward-looking statements and comments about future events, including the Company’s expectations about the performance of its businesses. Forward-looking words such as “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” or other similar expressions are intended to identify forward-looking statements. Such statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward-looking statement. Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in this report to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. No Limited Party or any other person makes any representation, or gives any assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in the report will occur.

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APPENDIX 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

Name of entity	Name of entity	Name of entity	Name of entity
Manuka Resources Ltd
ABN Quarter ended (“current quarter”)
80 611 963 225		31 March 2024
Consolidated statement of cash flows		Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities		522 (2) 1 (1,027) (2,223) (383) - - 20 - - 62	14,779 (5) (143) (10,255) (6,435) (1,768) - - (448) - - 298
		(3,031)	(3,978)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment (120) (7) (d) exploration & evaluation (47) (809) (e) investments - - (f) other non-current assets 20 (20)

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2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - (24)
	(147)	(860)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	3,895 - - (247) 1,439 (2,135) - - (285)	4,942 - - (307) 4,902 (4,570) - - (355)
	2,667	4,612
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	552 (3,031) (147) 2,667 -	266 (3,978) (860) 4,612 -
	41	41

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5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	41 - - -	552 - - -
	41	552

6. Payments to related parties of the entity and their associates	Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 60 6.2 Aggregate amount of payments to related parties and their associates included in item 2 63 Note: 6.1 This is made up of amounts paid to the directors including salary, directors’ fees, consulting fees and superannuation. Note: 6.2 This is made up of amounts paid to the directors including consulting fees in respect of exploration activities.	60
	63

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7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities 29,675 27,653 Credit standby arrangements - - Other (please specify) - - Total financing facilities 28,675 27,653 Unused financing facilities available at quarter end 2,022 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000	Amount drawn at quarter end $A’000
		29,675	27,653
		-	-
		-	-
		28,675	27,653
	Lender Facility type Total Facility Rate Maturity TransAsia Private Capital Limited Secured Senior Debt Facility plus interest 16,967 15% 30/09/2024 ResCap Investments Pty Ltd Unsecured Working Capital Loan 2,000 16% 30/09/2024 Various Equipment Finance 273 12% 29/04/2025 Various Short-term finance 485 30% 30/09/2024 Tennant Metals Trade Finance stockpile facility 9,951 35% 3-year trade finance facility expiring April 2026
8.	Estimated cash available for future operating activities			$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7	Net cash from / (used in) operating activities (item 1.9) (3,031) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (47) Total relevant outgoings (item 8.1 + item 8.2) (3,078) Cash and cash equivalents at quarter end (item 4.6) 41 Unused finance facilities available at quarter end (item 7.5) 2,022 Total available funding (item 8.4 + item 8.5) 2,063 Estimated quarters of funding available (item 8.6 divided by item 8.3) 0.67 Note: if the entity has reported positive relevant outgoings (i.e. a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.			(3,031) (47) (3,078) 41 2,022
				2,063
				0.67

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8.8	If item	8.7 is less than 2 quarters, please provide answers to the following questions:
	8.8.1	Does the entity expect that it will continue to have the current level of net operating
		cash flows for the time being and, if not, why not?
	Answer:
		As described in the quarterly activities report, the Company has placed operations on
		hold and therefore does not anticipate incurring material operation expenditure in the
		forthcoming quarters.
	8.8.2	Has the entity taken any steps, or does it propose to take any steps, to raise further
		cash to fund its operations and, if so, what are those steps and how likely does it
		believe that they will be successful?
	Answer:
		The Company has A$2M in unused debt facilities available to draw if required.
	8.8.3	Does the entity expect to be able to continue its operations and to meet its business
		objectives and, if so, on what basis?
	Answer:
		Yes. Via a combination of the unused debt facilities and other ongoing but incomplete
		fund raising initiatives, the Company expects to continue its operations and meet its
		business objectives.
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 30 April 2024

Authorised by: ...................................................................................

Toni Gilholme – Company Secretary

On behalf of the Board of Directors

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – e.g. Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

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1. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

2. By the Company lodging this Appendix 5B, the Managing Director and CFO declare that the Appendix 5B for the relevant quarter:

3. presents a true and fair view, in all material respects, of the cashflows of the Company for the relevant quarter and is in accordance with relevant accounting standards;

4. the statement given above is founded on a sound system of risk management and internal compliance and control which implements the policies adopted by the Board; and

5. the Company’s financial records have been properly maintained and the Company’s risk management and internal compliance and control system is operating efficiently and effectively in all material respects.

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